H, 2 Fuel — Sodium Tetrahydridoborate

Disconnect between production and consumption
hubs is expected to give rise to global-scale transportation of hydrogen, making efficient technology for hydrogen storage and transportation essential

Solid hydrogen is a powder at ambient conditions, has a higher energy density, is safer and cheaper to handle than ammonia, LOHC or LH2 and can be stored for many years without losing its energy

2

40%

c.

end-to-end cost
reduction
compared to
ammonia1

2-3x

• Non-flammable

higher energy
density

• No loss in storage

High full cycle efficiency including transport and storage and direct and full hydrogen release without adding further energy and circular

Source: McKinsey Energy Insights Global Energy Perspective; Hydrogen Council; McKinsey Hydrogen Insights; IHS Markit (Global Supply and Demand Trade Flow of Green Ammonia), Company data.
Notes: 1. Exemplary route from Saudi to Germany.

7x

expected increase
in end-user
demand, 2020-2050

• Non-toxic

• Release process proven
• Regeneration process advanced

Hydrogen is Essential to Decarbonization yet Constrained by Technology Green Hydrogen is a High Growth Market

However, There are Still Pain Points to its
Scale-up

hydrogen end-use demand by segment, million ton per annum (MT p.a.)

7.5x

700

660

1

Disconnect between production
locations of cheap hydrogen ($1.5/kg) and consumption hubs driven by high transportation costs

2

Lack of hydrogen storage
(particularly long-term) and distribution infrastructure

3

Low energy density of hydrogen
and main carriers obstructs international trade

4

Safety concerns on storage and
distribution

Power

600

500

Transport

385

400

Building &
industry heat

300

Key
Growth-Driving
Segments

New industry

200

140
90
100

Existing industry
0

2020

2030

2040

2050

Supported by Diminishing Green Hydrogen Cost
production cost of green hydrogen (USD/kg)1

6

$2.00

5,4

Cost price at which green
hydrogen could become cost competitive

5
4

>2.5x

4,0

Factor between markets with
lowest and highest hydrogen production costs in 2050

3
2,3
Average

2

1,7
1,4

1

1,4

33%

Optimal

1,0

0,9

2040

2050

Of hydrogen produced at
< $1.00/kg in 2050

0
2020

2030

Source: McKinsey Energy Insights Global Energy Perspective; Hydrogen Council; McKinsey Hydrogen Insights; McKinsey Sustainability.
Notes: 1. Based on alkaline size classes of respectively 2 MW (2020), 20 MW (2025), and 80 MW (> 2030), and levelized energy costs ($/MWh) of 25–73 (2020), 13–37 (2030), and 7–25 (2050).

3

Efficient Transportation is a Key to Unlock the Global Hydrogen Economy Disconnect between Consumption and Production Hubs due to Differing Availability of Renewables

Europe

Eurasia

Central
Asia

North America

East Asia

Middle East

From
L. America

Africa
From
Oceania

South
Asia

Latin America

To
N. America

Southeast
Asia

Oceania
To East
Asia

Export

Solar Irradiance > 2,200 kWh/m2 per year

Import

Wind Mean Speed @ 100m > 7m/s

Source: McKinsey Energy Insights Global Energy Perspective; Hydrogen Council; McKinsey Hydrogen Insights; IHS Markit (Global Supply and Demand Trade Flow of Green Ammonia).

4

H2FUEL Developed Breakthrough and Truly Circular Technology Demand Hubs

Production Hubs
Synthesis and
extraction

Na & (H)CL
production

10 kWh/KG

Sodium
Na

CL2

Release

Na

CL2
Chlorine
CL2

Circular
H2F Reactant

H2
Sodium
Na

Spent Fuel + NaH  NaBH4

Hydrogen
H2

Commercialized

Sodium
borohydride
NaBH4

External technology
Catalyst

NaCl
electrolysis

Reactant

NaBH4 + reactant 
4H2 + Spent Fuel

H2O
electrolysis

Spent Fuel
50 kWh/KG
H2
Hydrogen
2NaCl  2Na + CL2

2H2O  H2 + O2

Commercialized

Commercialized

External Technology

External technology

Source: University of Amsterdam research.

5

33 kWh/KG

End-users

H2FUEL Developed Breakthrough and Truly Circular Technology Practical managebility

Economic
feasibility
Cost competitiveness
versus alternatives:

Safety/Calamaties:
✓ Non-explosive

✓ 20 – 35% cheaper
transport & distribtion

✓ Non-flammable

The missing piece in the
Hydrogen puzzle:

SOLID HYDROGEN
Transporting and storing
hydrogen safely and economically

✓ Non-toxic
✓ No leakage

H2FUEL

✓ 80 – 95% cheaper
Storage

High energy density:

✓ ~50% cheaper well to
wheel and back again

✓ 2 – 4x higher than
alternatives (Ammonia
LOHC, Liquid Hydrogen)

On demand release:

✓ Energy density close to
energy density of Diesel

✓ High purity (99.8%)

✓ Exothermic process

NaBH4

Transport & Storage:
✓ Under atomospheric
conditions (dry storage) ✓ No need for additional legal requirements ✓ No evaporation

Solid hydrogen
(energy-dense
powder, easy to
transport)

✓ Release bonus: 1 KG
hydrogen storage →
2 KG hydrogen release

Circular process:
✓ Re-use of residual (so
called ‘Spent Fuel’) ✓ Cost effective

6

H2FUEL Solves Key Challenges of Hydrogen Economy Key Challenges

H2FUEL Solution
•

1

High costs of transportation

virtually absent costs of transportation and distribution compared to liquid hydrogen and ammonia

•

the most competitive option
whenever there are no hydrogen pipelines in place

•
2

Expensive storage,
particularly long-term

~85% lower long-term storage cost
compared to gaseous hydrogen

•

short term storage (“firming”) is cheaper than alternatives whenever the end-user is not connected to a pipeline (nor close to cheap renewables)

3

Low energy density

•

and similar to that of diesel

•
4

Safety considerations

2-3x higher energy density compared to other carriers

not flammable, not corrosive, not toxic
hence requiring less safety considerations than alternative carriers

•

comes in a powder form
as easy to transport and store as grain

Source: Company data.

7

Solid Hydrogen Offers a Solution to Handling Costs Problem 1 Solid H2 End-to-End Costs are 30-40% Lower as

2 Storage Costs for Solid H2 are Dramatically Lower 6 months storage costs in 2030, including rehydrogenation, EUR/kg H2

Transportation Costs are Virtually Absent
2025 costs, exemplary route from Saudi to Germany (one-way), EUR/kg H2

Compression
needed

No losses
during storage

Tank costs

to store efficiently3

Cooling costs

Low OPEX

~6.3

2.05

no dedicated
facility needed

~5.8

~1.5

0.21

1.81

~5.3

~2.0

-40%

~0.7

Tank costs

0.32

-30%
~1.0

~1.4

~1.1

~3.6
1.11

~0.3

1.34

0.15

~0.8

0.08

~1.0

~0.9
~0.3

1.51
~3.1
0.88

~2.2

~2.2

~2.2
0.47

0.13
0.1
Ammonia

LOHC

1

Liquid Hydrogen

Clean Production

Conversion to Carrier

Dehydrogenation

Distribution

2

Solid Hydrogen

Solid Hydrogen

0.03
4

Gaseous H2, in Cavern

Ammonia

5,6

5,7

Liquid Hydrogen

Shipping including Terminals

CapEx

OPEX

Boil off Losses

Compression

Source: Company data.
Notes: 1. Liquid Organic Hydrogen Carriers. 2. Assumes liquid (for liquid hydrogen, LOHC) or gaseous (for ammonia) distribution with truck for 300km at 500 bar, also includes: purification to FCEV standard using a PSA for LOHC and NH3, boil-off losses for liquid hydrogen, storage costs at port and HRS operating costs. 3. Assuming cavern storage at 200 bar. 4. Based on soy bean storage. 5. Assuming 3.5 kt tank. 6. Ammonia rehydrogenation includes cracking and purification. 7. Not taking into account compression of hydrogen for liquefaction as part of the storage costs, as it is assumed the liquefaction will have happened prior to the storage.

Rehydrogenation

Unique Combination of High Energy Density and Usage Safety 3 Solid H2 Allows to Carry More Energy than Other Alternatives

4 Solid H2 is a Safe and Stable Carrier

energy density, kWh/l

Solid
Hydrogen

 Non-flammable2, non-corrosive and non-toxic
 Can be transported at atmospheric conditions  Need for tight/hermetic tankage as any water addition will cause hydrogen release

-13%

1.9x

2.3x

2.84.2x

9.7

Ammonia

 Requires special care3 as explosive and highly toxic4  Regulatory restrictions related to handling and storage in residential areas

 Limited options for handling in ports and in-land distribution

8.4

4.4
3.6
2.5
2-3

Liquid
Organic
Carriers

 Low toxicity, hardly flammable or explosive
 No loss through evaporation  Can use existing industry-scale diesel infrastructure without any additional safety regulations

Diesel

Solid Hydrogen
(NaBH4)

Ammonia

Liquid Organic
1
Hydrogen Carriers
(e.g., MCH, C21H20)

Liquid Hydrogen

Solid hydrogen’s high density is a key advantage for use in the marine and aviation sectors, where fuel’s energy density is critical, and contributes to its low cost of transport and storage

Liquid
Hydrogen

 Explosive, but not toxic
 Hydrogen loss during loading and shipping  Requires boil-off management as evaporation starts after 14 days

Source: Hydrogen Council, JPMC risk assessment, expert interviews, scientific papers: “Review of Global Regulations for Anhydrous Ammonia Production, Use, and Storage”, Mark Fecke et al, Hazards26, Symposium series n°161, 2016; “Reversible ammonia-based and liquid organic hydrogen carriers for high-density hydrogen storage: Recent progress” Joshua W. Makepeace, et. al, International Journal of Hydrogen Energy, 2019.
Notes: 1. Based on methanol. 2. High auto-ignition temperature: 220OC, allowing for untroubled transportation under normal circumstances. 3. High expansion foam system and extra insulation valves have been recommended in major hazard risk assessment of ammonia storage.
4. Can be fatal upon exposure to elevated concentrations.

9

H2FUEL’s advantages for Military purposes

1

2

3

4

100% CIRCULARITY

H2Fuel’s patented circular technology enables the re-use of the residual materials of the hydrogen carrier (spent-fuel) after release of the hydrogen. This technology not only saves costs, but also allows for an unlimited availability of raw materials to combine with newly generated hydrogen in remote positions where re-supply of materials is unwanted or impossible.

GEOGRAPHICAL INDEPENDENCY

H2Fuel’s hydrogen carrier can be (re)produced in all parts of the world and transported or distributed in large or smaller quantities, whenever and wherever required. Transportation and storage does not require special treatment. Put it a box, keep it dry and drop it off. Not only 100% of the amount of hydrogen originally stored in the carrier can be released on demand, but an extra amount will be released from the ultra-pure water used in H2Fuel’s patented release process.

CALAMITIES

H2Fuel is non-toxic, non-flammable, non-explosive, has no leakage and consists of natural substances, so that the composition naturally breaks down into the original substances in the event of an emergency. Stored in H2Fuel’s hydrogen carrier (whether newly produced or based on recirculated spent-fuel), its hydrogen can be kept ready for use indefinitely.

SAFETY

2-3x

Since no gas formation occurs in the entire process up to release, H2Fuel is completely safe and therefore does not require impactful changes to existing fuel transportation or storage processes. Its hydrogen only becomes gaseous when it is released immediately before consumption, so that large gaseous storage is avoided. If anything, it will simplify such safety measures.

Source: McKinsey Energy Insights Global Energy Perspective; Hydrogen Council; McKinsey Hydrogen Insights; IHS Markit (Global Supply and Demand Trade Flow of Green Ammonia), Company data.
Notes: 1. Exemplary route from Saudi to Germany.

2

H2FUEL's Proprietary Technology is Well Protected with Patents

Patents obtained for
release and submitted
for regeneration

2024
Significant expansion of
team in 2022 to move H2FUEL into next phase

H2FUEL
founded by
Rob de Kraa

2008

first commercial
use targeted

10

Neo Orbis boat is being developed for Port of
Amsterdam and will be used to hold business and other official meetings

First patent for
Release
stage received

2 test setups
for release
stage
constructed at Port of Rotterdam

Patent
application
filed for
regeneration
stage (patent pending)

University of
Amsterdam to
test
regeneration
stage concept in a lab

Test plant for
regeneration
and release
process to be built to proof the circular concept of H2FUEL

2010

2020-2022

2021

2022E

2023E

Technology
partnerships
Source: Company data.

First maritime commercial use

Commercial
use of solid
hydrogen by
Neo Orbis boat

H2 Circular Fuel

2024E